Related provisions for DTR 6.2.9

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SUP 13.6.5CGRP
15A UK MiFID investment firm is also required to notify the FCA of changes to a branch or tied agent in accordance with: (1) article 7 (Information to be notified concerning the change of branch or tied agent particulars) of MiFID RTS 3A; (2) article 18 (submission of the change of branch particulars notification) of MiFID ITS 4A; and(3) article 19 (submission of the change of the tied agent particulars notification) of MiFID ITS 4A.
SUP 13.6.5DGRP
15If any of the details in a branch passport notification change, a UK MiFID investment firm is required to notify the FCA by completing the form in Annex VI of MiFID ITS 4A. [Note: article 18(1) of MiFID ITS 4A]
SUP 13.6.5EGRP
15If any of the details in a tied agent passport notification change, a UK MiFID investment firm is required to notify the FCA, by completing the form in Annex VII of MiFID ITS 4A. [Note: article 19(1) of MiFID ITS 4A]
SUP 13.6.5FGRP
15If a UK MiFID investment firm closes a branch or stops using a tied agent, it is required to notify the FCA using the form in Annex X of MiFID ITS 4A. [Note: articles 18(4) and 19(4) of MiFID ITS 4A]
SUP 13.6.9CGRP
(1) 11If a UKfirm has exercised an EEA right under AIFMD and established a branch in another EEA State, the UKfirm must not make a material change in the requisite details of the branch or the identity of the AIFs it manages in the EEA State in which it has established a branch (see SUP 13 Annex 1), unless: (a) it has complied with regulation 17A(4) for a planned change; or(b) it has complied with regulation 17A(5) for a unplanned change.(2) The requirements in regulation 17A(4)
SUP 13.6.9DGRP
(1) 13A UK firm which has exercised an EEA right deriving from the MCD to establish a branch, must not make any material changes to the requisite details of the branch unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month beginning with the day on which the UK firm gave notice has elapsed.(3) Paragraph
SUP 13.6.12AGRP
17Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.6.16GRP
7Standard forms are17 available from the FCA and PRA authorisations teams17 (see SUP 13.12 (Sources of further information)) to give the notices to the appropriate UK regulator17 described in SUP 13.6.5 G (1), SUP 13.6.5B G, SUP 13.6.7 G (1), SUP 13.6.8 G and SUP 13.6.10 G (1).171717
SUP 13.6.17GRP
(1) When the FCA15 receives a notice from a UK MiFID investment firm (see SUP 13.6.5BG (1)), it is required by regulation 11A(3) to inform the relevant Host State regulator of the proposed change as soon as reasonably practicable.15(2) The FCA is required to use the forms in Annex XI, Annex XII or Annex XIII of MiFID ITS 4A, as applicable.15(3) The firm in question may make the change once the period of one month beginning with the day on which it gave notice has elapsed.1571
SUP 13.6.19GRP
13When the FCA receives a notice from a UK firm exercising an EEA right under the MCD it will, under regulation 17(B)(3), inform the relevant Host State regulator of the proposed change as soon as reasonably practicable. The UK firm in question may make the change once a period of one month has elapsed beginning with the day on which it gave notice.
REC 2.3.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 12(1) The [UK RIE] must have financial resources sufficient for the proper performance of its [ relevant functions] as a [UK RIE].(2) In considering whether this requirement is satisfied, the [FCA]5must (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the [UK RIE's] connection with any person , and any activity carried on by the [UK RIE], whether or not it
REC 2.3.3GRP
In determining whether a UK recognised body has financial resources sufficient for the proper performance of its relevant functions, the FCA5 may have regard to:5(1) the operational and other risks to which the UK recognised body is exposed;(2) if the UK recognised body guarantees the performance of transactions in specified investments, the counterparty and market risks to which it is exposed in that capacity; 5(3) the amount and composition of the UK recognised body's capital;(4)
REC 2.3.4GRP
The FCA5 will usually rely on a UK recognised body's published and internal management accounts and financial projections, provided that those accounts and projections are prepared in accordance with UK, US or international accounting standards. 5
REC 2.3.5GRP
In assessing whether a UK recognised body has sufficient financial resources in relation to counterparty and market risks, the FCA5 may have regard to:5(1) the amount and liquidity of its financial assets and the likely availability of liquid financial resources to the UK recognised body during periods of major market turbulence or other periods of major stress for the UK financial system;3 and(2) the nature and scale of the UK recognised body's exposures to counterparty and market
REC 2.3.6GRP
In assessing whether a UK recognised body has sufficient financial resources in relation to operational and other risks, the FCA5 may have regard to the extent to which, after allowing for the financial resources necessary to cover counterparty and market risks, the UK recognised body's financial resources are sufficient and sufficiently liquid:5(1) to enable the UK recognised body to continue carrying on properly the regulated activities that it expects to carry on; and(2) to
REC 2.3.7GRP
In considering whether a UK recognised body has sufficient financial resources in relation to operational and other risks, the FCA5 will normally have regard to two components: eligible financial resources and net capital.454
REC 2.3.9GRP
4(1) 4The FCA5 considers that a UK RIE which at any time holds:5(a) eligible financial resources not less than the greater of:(i) the amount calculated under the standard approach; and (ii) the amount calculated under the risk-based approach; and (b) net capital not less than the amount of eligible financial resources determined under (1)(a);will, at that time, have sufficient financial resources to meet the recognition requirement in respect of operational and other risks unless
REC 2.3.10GRP
4The FCA5 would expect to provide a UK recognised body with individual guidance, issued with a frequency determined in accordance with the usual prudential cycle for such bodies, communicated from time to time,6 on the amount of eligible financial resources which it considers would be sufficient for the UK recognised body to hold in respect of operational and other risks6 to satisfy the recognition requirements. In formulating its individual guidance, the FCA5 will ordinarily
REC 2.3.12GRP
4For the purposes of REC 2.3, "net capital" should be in the form of equity. For this purpose, the FCA5 considers that common stock, retained earnings, disclosed reserves and other instruments classified as common equity tier one capital or additional tier one capital constitute equity. The FCA5 considers that, when calculating its net capital, a UK recognised body:55(1) should deduct holdings of its own securities, or those of any undertaking in the same group as the UK recognised
REC 2.3.13GRP
(1) 4Under the standard approach, the amount of eligible financial resources is equal to six months of operating costs.(2) Under the standard approach, the FCA5 assumes liquid financial assets are needed to cover the costs that would be incurred during an orderly wind-down of the UK recognised body'sexempt activities, while continuing to satisfy all the recognition requirements and complying with any other obligations under the Act (including the obligations to pay periodic fees
REC 2.3.15GRP
4For the purposes of calculating the risk-based approach, the FCA5 would normally expect the UK RIE to provide the FCA5 with an annual financial risk assessment that identifies the risks to its business. As a financial risk assessment is likely to form an integral part of the UK RIE's management process and decision-making culture, the FCA5 would normally expect it to be approved by the UK RIE'sgoverning body.555
REC 2.3.16GRP
4The FCA5 would normally expect to use the most recent6 financial risk assessment prepared by the UK RIE in the course of preparing individual guidance, issued in accordance with the usual prudential cycle for such bodies,6 on the amount of financial resources that it considers is sufficient for a UK RIE to hold6 to satisfy the recognition requirements. The financial risk assessment would provide the basis for calculating the amount of eligible financial resources that should
REC 2.3.17GRP
4The financial risk assessment should be based on a methodology which provides a reasonable estimate of the potential business losses which a UK RIE might incur in stressed but plausible market conditions. The FCA5 would expect a UK RIE to carry out a financial risk assessment at least once in every twelve-month period, or more frequently if there are material changes in the nature, scale or complexity of the UK RIE's operations or its business plans that suggest such financial
REC 2.3.18GRP
4The FCA5 would normally expect a financial risk assessment to include a description of the methodology applied by the UK RIE to arrive at the proposal made in accordance with REC 2.3.17G (5).5
REC 2.3.19GRP
4Where a UK RIE is a member of a group, the FCA5 would normally expect the annual risk assessment to be accompanied by a consolidated balance sheet: 5(1) of any group in which the UK RIE is a subsidiary undertaking; or(2) (if the UK RIE is not a subsidiary undertaking in any group) of any group of which the UK RIE is a parent undertaking.
REC 2.3.20GRP
4The FCA5 would expect to consider the relevant annual6 financial risk assessment, any proposal with respect to an operational risk buffer and, if applicable, the consolidated balance sheet, in formulating, in accordance with the usual prudential cycle for UK RIEs,6 its guidance on the amount of eligible financial resources it considers to be sufficient for the UK RIE to hold for6 the recognition requirements. In formulating its guidance, the FCA5 would, where relevant, consider
REC 2.3.21GRP
4The FCA5 would normally consider a UK recognised body to be failing the recognition requirements if it held financial resources less than the amount calculated under REC 2.3.9G (1)(a)(i) (in respect of UK RIEs). The FCA5 therefore expects a UK recognised body to hold an operational risk buffer of a sufficient amount in excess of this minimum, to ensure that it is at all times able to comply with its regulatory obligations.555
REC 2.3.22GRP
(1) [deleted]55(2) The FCA5 would normally expect a UK RIE to hold, in addition to the minimum amount determined under REC 2.3.9G (1)(a)(i), an operational risk buffer consistent with a risk-based approach.5(a) Where the amount of eligible financial resources calculated by a UK RIE under REC 2.3.17G (5) (the risk-based approach) is greater than the amount of eligible financial resources calculated under REC 2.3.13 G (the standard approach), and the difference is of an amount sufficient
REC 2.5.1UKRP
Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4Paragraph 3 – Systems and controls4(1)The [UK RIE] must ensure that the systems and controls, including procedures and arrangements,4 used in the performance of its functions and the functions of the trading venues it operates are adequate, effective4 and appropriate for the scale and nature of its business.(2)Sub-paragraph (1) applies in particular to systems and controls concerning - (a)the transmission
REC 2.5.1BRRP
4In paragraph 3B(3) of the Schedule to the Recognition Requirements Regulations, under which a UK RIE must report the parameters for halting trading to the FCA, such information must be provided to the FCA in writing and delivered by any one of the methods in REC 3.2.3R.
REC 2.5.3GRP
In assessing whether the systems and controls used by a UK recognised body in the performance of its relevant functions are adequate, effective4 and appropriate for the scale and nature of its business, the FCA3 may have regard to the UK recognised body's:3(1) arrangements for managing, controlling and carrying out its relevant functions, including: (a) the distribution of duties and responsibilities among the members of the management body4 and the departments of the UK recognised
REC 2.5.4GRP
REC 2.5.5G to REC 2.5.20G4 set out other matters to which the FCA3 may have regard in assessing the UK RIE’s4 systems and controls used for the transmission of information, risk management, 4the operation of settlement arrangements (the matters covered in paragraph 4(2)(d) of the Schedule to the Recognition Requirements Regulations),4 the safeguarding and administration of assets and certain other aspects of its operations4. 33
REC 2.5.4AGRP
4Where the MiFID/MiFIR Systems Regulations apply to a UK RIE, the FCA will, in assessing the UK RIE’s systems and controls, additionally have regard to the UK RIE’s satisfaction of any relevant requirements in those regulations. Of particular importance is MiFID RTS 7, which will apply where a trading venue allows or enables algorithmic trading.
REC 2.5.5GRP
In assessing a UK recognised body's systems and controls for the transmission of information, the FCA3 may also have regard to the extent to which these systems and controls ensure that information is transmitted promptly and accurately: 3(1) within the UK recognised body itself; (2) to members; and (3) (where appropriate) to other market participants or other relevant persons.
REC 2.5.8GRP
In assessing a UK RIE's systems and controls for 4the operation of settlement arrangements, the FCA3 may have regard to the totality of the arrangements and processes through which the UK RIE's transactions are4 cleared4 and settled, including:3333(1) (in relation to non-derivatives transactions)4 a UK RIE’s arrangements with another person4 under which any rights or liabilities arising from transactions are discharged including arrangements3 for transmission to a settlement
REC 2.5.8AGRP
4Where the requirements of MiFID RTS 7 in respect of effecting and monitoring transactions do not apply to a UK RIE, the FCA may, in addition, assess the UK RIE’s systems and controls for the effecting and monitoring of transactions. In doing so, it will have regard to the UK RIE’s arrangements under which orders are received and matched, and its arrangements for trade and transaction reporting.
REC 2.5.9GRP
In assessing a UK recognised body's systems and controls for the safeguarding and administration of assets belonging to users of its facilities, the FCA3 may have regard to the totality of the arrangements and processes by which the UK recognised body: 3(1) records the assets held and the identity of the owners of (and other persons with relevant rights over) those assets; (2) records any instructions given in relation to those assets;(3) records the carrying out of those instructions;(4)
REC 2.5.11GRP
The FCA3 recognises that a UK RIE3 has legitimate interests of its own and that its general business policy may properly be influenced by other persons (such as its owners). Such a connection does not necessarily imply the existence of a conflict of interest nor is it necessary to exclude individuals closely connected with other persons (for example, those responsible for the stewardship of the owner's interests) from all decision-making processes in a UK recognised body. However,
REC 2.5.12GRP
REC 2.5.13 G to REC 2.5.16 G set out the factors to which the FCA3 may have regard in assessing a UK recognised body's systems and controls for managing conflicts of interest.3
REC 2.5.13GRP
The FCA3 may have regard to the arrangements a UK recognised body makes to structure itself and to allocate responsibility for decisions so that it can continue to take proper regulatory decisions notwithstanding any conflicts of interest, including:3(1) the size and composition of the management body4 and relevant committees; (2) the roles and responsibilities of members of the management body4, especially where they also have responsibilities in other organisations; (3) the
REC 2.5.17GRP
A UK recognised body's arrangements for internal and external audit will be an important part of its systems and controls. In assessing the adequacy of these arrangements, the FCA3 may have regard to: 3(1) the size, composition and terms of reference of any audit committee of the UK recognised body'sgoverning body;(2) the frequency and scope of external audit; (3) the provision and scope of internal audit; (4) the staffing and resources of the UK recognised body's internal audit
REC 2.5.18GRP
Where MiFID RTS 7 applies to the UK RIE4, the FCA may, in assessing the adequacy of the UK recognised body’s information technology systems,4 have regard to:33(1) the organisation, management and resources of the information technology department within the UK recognised body;(2) the arrangements for 4documenting the design, development, implementation and use of information technology systems; and(3) the arrangements for maintaining, recording and enforcing technical and operational
PERG 4.11.1GRP
Section 19 of the Act (The general prohibition) provides that the requirement to be authorised under the Act only applies in relation to regulated activities which are carried on 'in the United Kingdom'. In many cases, it will be quite straightforward to identify where an activity is carried on. But when there is a cross-border element, for example because a borrower is outside the United Kingdom or because some other element of the activity happens outside the United Kingdom,
PERG 4.11.6GRP
The exclusions in article 72(5A) to (5F) of the Regulated Activities Order (Overseas persons) provide that an overseas person does not carry on the regulated activities of:(1) arranging (bringing about) or making arrangements with view to a regulated mortgage contract;(2) entering into a regulated mortgage contract; or(3) administering a regulated mortgage contract;of the borrower (and each of them, if more than one) is an individual and is normally resident outside the United
PERG 4.11.13GRP
When a person is arranging (bringing about) regulated mortgage contracts or making arrangements with a view to regulated mortgage contracts from overseas, the question of whether he will be carrying on regulated activities in the United Kingdom will depend on the relevant circumstances. In the FCA's view, factors to consider include:(1) the territorial limitation in the definition of regulated mortgage contract so that regulation only applies if the land is in the EEA;44(2) the
PERG 4.11.14GRP
In the FCA's view:(1) if the borrower is normally resident in the United Kingdom and the land is in the United Kingdom4, the clear territorial limitation in the definition of regulated mortgage contract carries most weight in determining where regulation should apply; it is likely that the arranger will be carrying on regulated activities in the United Kingdom;(2) if the borrower is normally resident overseas, the arrangements are excluded by the overseas persons exclusion if
PERG 4.11.15GRP
In the FCA's view, advising on regulated mortgage contracts is carried on where the borrower receives the advice. Accordingly:(1) if the borrower is located in the United Kingdom, a person advising that borrower on regulated mortgage contracts is carrying on a regulated activity in the United Kingdom; but(2) if the service provider and borrower are both located overseas, the regulated activity is not carried on in the United Kingdom.
PERG 4.11.17GRP
In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, the need for an overseas lender to be authorised or to have an exemption will depend on the location of the land.4 This is because of:4(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the EEA;44(2) the general principle and practice that contracts relating to land are usually governed
PERG 4.11.19GRP
In the FCA's view, in circumstances other than those excluded by article 72(5E) of the Regulated Activities Order, the need for an overseas administrator to be authorised or to have an exemption will depend on the location of the land.4 This is because:4(1) the territorial limitation in the definition of regulated mortgage contract means that regulation applies only if the land is in the EEA;44(2) when administrators notify borrowers resident in the United Kingdom or the other
PERG 4.11.22GRP
The FCA will be responsible for implementing the Distance Marketing Directive for those firms and activities it regulates. The FCA and the Treasury agree that the Distance Marketing Directive is intended to operate on a country of origin basis, except where a firm is marketing into the UK from an establishment in an EEA State which has not implemented the Directive.
SYSC 4.8.8GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 24.3.14G]5
SYSC 4.8.9RRP
[deleted] 5
SYSC 4.8.10RRP
(1) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.3.2R(1)]5(2) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.3.2R(2)]5(3) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.3.2R(3)]5(4) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.3.3R]5(5) [deleted]5(6) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.4.3R]5(7) [deleted
SUP 13.7.3GRP
If a UK firm is passporting under the UCITS Directive, regulation 12(1) states that the UK firm must not make a change in its programme of operations, or the activities to be carried on under its EEA right, unless the relevant requirements in regulation 12(2) have been complied with. These requirements are:5(1) the UK firm has given a notice to the FCA15 and to the Host State regulator stating the details of the proposed change; or15(2) if the change arises as a result of circumstances
SUP 13.7.3CGRP
13A UK MiFID investment firm is also required to notify the FCA of any changes to the information in its investment services and activities passport notification, including changes relating to a UKtied agent, in accordance with:(1) article 4 (Information to be notified concerning the change of investment services and activities particulars) of MiFID RTS 3A; and(2) article 7 (Submission of the change of investment services and activities particulars notification) of MiFID ITS
SUP 13.7.3GGRP
13A UK MiFID investment firm should use the relevant form in SUP 13 Annex 2AR to notify the FCA that it intends to:(1) change its programme of operations by ceasing to provide cross border services; or(2) change its programme of operations by ceasing to provide cross border services through a tied agent established in the UK; or(3) terminate in the territory of an EEA State, the provision of arrangements to facilitate access to, and trading on, an MTF or OTF by remote users, members
SUP 13.7.6AGRP
5For further details on giving the notices to the appropriate UK regulator, as described in SUP 13.7.3 G (1), SUP 13.7.3AG and SUP 13.7.3BG12, UK firms may wish to use the standard electronic15 form available from the FCA and PRA authorisation teams 15(see SUP 13.12 (Sources of further information)).15151551515
SUP 13.7.13AGRP
15Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.7.15GRP
(1) 11A UK firm which has exercised an EEA right deriving from the MCD to provide a cross border service, must not make any material changes to the service unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that;(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month has elapsed, beginning with the day on which the UK firm gave notice.(3) Paragraph (1)
SUP 16.23.7RRP
A firm must submit the Annual Financial Crime Report within 60 business days of the firm’saccounting reference date.
REC 3.8.1RRP
A UK recognised body must give the FCA1:1(1) a copy of its annual report and accounts; and(2) a copy of the consolidated annual report and accounts: (a) of any group in which the UK recognised body is a subsidiary undertaking; or(b) (if the UK recognised body is not a subsidiary undertaking in any group) of any group of which the UK recognised body is a parent undertaking;no later than the time specified for the purpose of this rule in REC 3.8.2 R.
REC 3.8.2RRP
The time specified for the purpose of REC 3.8.1 R is the latest of:(1) four months after the end of the financial year to which the document which is to be given to the FCA1relates; or1(2) the time when the documents described in REC 3.8.1 R (1) or REC 3.8.1 R (2)(b) are sent to the members or shareholders of the UK recognised body; or (3) the time when the document described in REC 3.8.1 R (2)(a) are sent to the shareholders in a parent undertaking of the group to which that
REC 3.8.3RRP
Where an audit committee of a UK recognised body has prepared a report in relation to any period or any matter relating to any relevant function of that UK recognised body, the UK recognised body must immediately give the FCA1a copy of that report.1
REC 3.8.4RRP
A UK recognised body must give the FCA1a copy of:1(1) its quarterly management accounts; or (2) its monthly management accounts;within one month of the end of the period to which they relate.
REC 3.8.5GRP
A UK recognised body is not required to provide quarterly and monthly management accounts in respect of the same period, but management accounts (whether quarterly or monthly) should be submitted for all periods. A UK recognised body may choose whichever method is the more suitable for it, but where it intends to change from providing monthly to quarterly management accounts (or from quarterly to monthly management accounts), it should inform the FCA1 of that fact.1
REC 3.8.6RRP
A UK recognised body must give the FCA1:1(1) a statement of its anticipated income, expenditure and cashflow for each financial year; and(2) an estimated balance sheet showing its position as it is anticipated at the end of each financial year;before the beginning of that financial year.
REC 3.8.7RRP
Where the accounting reference date of a UK recognised body is changed, that body must immediately give notice of that event to the FCA1and inform it of the new accounting reference date.1
REC 3.14A.1GRP
1The purpose of REC 3.14A is to ensure that the FCA3is informed of planned changes to a UK RIE’s4 markets and their regulatory status as either a regulated market, MTF or OTF4. [Note:MiFID RTS 3 and MiFID ITS 4, Annex IV provide for the format for notification by the operator of an MTF or OTF to its Home State competent authority of any arrangements to facilitate access to and trading on the trading venue by remote users, members or participants within the territory of another
REC 3.14A.2RRP
Where a UK RIE proposes to operate a new regulated market or close an existing regulated market it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.3 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them). 3
REC 3.14A.4RRP
Where a UK RIE proposes to operate a new MTF or OTF4 or close an existing MTF or OTF4 it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.5 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).3
REC 3.14A.5RRP
The following information is specified for the purposes of REC 3.14A.4 R:(1) [Note: REC 2.16A.1(2) requires the FCA to be provided with a detailed description of the operation of an MTF or OTF. The description must be provided in the form set out in MiFID ITS 19.]4(2) Where4 the UK RIE proposes to close a MTF or OTF4, the name of that MTF or OTF4.
REC 3.14A.7ADRP
4A UK RIE operating a trading venue that proposes to take advantage of a waiver in accordance with articles 4 or 9 of MiFIR (in relation to pre-trade transparency for equity or non-equity instruments) must make an application for it to the FCA using the form in MAR 5 Annex 1D.[Note: articles 4 and 9 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]
REC 3.14A.7CDRP
4A UK RIE operating a trading venue that proposes to take advantage of a deferral in accordance with articles 7 or 11 of MiFIR in relation to post-trade transparency for equity or non-equity instruments must apply for it in writing to the FCA.[Note: articles 7 and 11 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]
REC 3.14A.7DGRP
4A UK RIE should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the FCA by telephone or by other prompt means of communication, before submitting written notification. Oral notifications should be given directly to its usual supervisory contact at the FCA. An oral notification left with another person or left on a voicemail or other automatic messaging service is unlikely to have been given appr
REC 3.14.1GRP
The purpose of REC 3.14 is to ensure that the FCA3is informed of planned changes to the services a UK recognised body intends to provide and of the normal hours of operation of those services. Unplanned suspensions of those services, unplanned changes in hours of operation and events causing a UK recognised body to be unable to provide those services should be notified to the FCA3under the rules in REC 3.15.33
REC 3.14.2RRP
Where a UK RIE proposes to admit to trading (or to cease to admit to trading) by means of its facilities:(1) a specified investment (other than a security or an option in relation to a security); or(2) a type of security or a type of option in relation to a security; it must give the FCA3notice of that event, and the information specified for the purposes of this rule in REC 3.14.6 R to the FCA3, at the same time as that proposal is first formally communicated to its members or
REC 3.14.2ARRP
1When a UK RIE removes a financial instrument from trading on a trading venue4, it must immediately give the FCA3notice of that event and relevant information including particulars of that financial instrument, any derivative that is also removed from trading that relates or is referenced to that financial instrument,4 and the reasons for the action taken.[Note: articles 32(2) and 52(2), paragraph 14 of MiFID. REC 2.6.6UK(4)5 requires that the FCA be notified when a trading suspension
REC 3.14.3RRP
Where a UK recognised body proposes to provide (or to cease to provide) clearing facilitation services3 in respect of:3(1) a specified investment (other than a security or an option in relation to a security); or (2) a type of security or a type of option in relation to a security;it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14.6 R, at the same time as that proposal is first formally communicated to its members
REC 3.14.7RRP
Where:(1) a UK RIE proposes to amend the standard terms of any derivative admitted to trading by means of its facilities; or (2) a UK RIE3 proposes to amend the standard terms relating to any derivative in respect of which it provides clearing facilitation services;3333it must give the FCA3notice of that event, and written particulars of those proposed amendments, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class
REC 3.14.8RRP
Where a UK recognised body proposes to make (or to cease to make) arrangements for the safeguarding and administration of assets belonging to any other person (other than an undertaking in the same group), that recognised body must give the FCA3notice of that event, and the information specified for the purposes of this rule in REC 3.14.9 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).3
REC 3.14.10GRP
The FCA3does not need to be notified of proposals to offer (or to withdraw offers of) safeguarding and administration services for individual assets of the same type. Specified investments (other than securities) falling within the same article in Part III of the Regulated Activities Order will normally be regarded as being of the same type. Securities falling within the same article in Part III of the Regulated Activities Order which may be given the same generic description
REC 3.14.11RRP
Where a UK recognised body proposes to change its normal hours of operation or (for RAPs) the timing, frequency or duration of its bidding windows,2 it must give the FCA3notice of that proposal, and particulars of, and the reasons for, the actions proposed, at the same time as the proposal is first formally communicated to its members or shareholders, or any group or class of them.3
SYSC 5.2.20AGRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.3.3G]838
SYSC 5.2.28CGRP
(1) [deleted] Editor’s note: The text of this provision has been moved to SYSC 27.5.5G]838(2) [deleted] Editor’s note: The text of this provision has been moved to SYSC 27.5.6G]88
FEES 4.4.7DRP
3A fee-paying payment service provider and a fee-paying electronic money issuer4 must notify to the FCA the value (as at the valuation date specified in Part 4 of FEES 4 Annex 11) of each element of business on which the periodic fee (other than a flat fee)4 payable by the firm under 1 R4 is to be calculated, including any payment services carried on by its agents from an establishment in the United Kingdom. 4
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
COLL 6.12.2GRP
In the FCA's view the requirements relating to risk management policy and risk measurement set out in this section are the regulatory responsibility of the management company'sHome State regulator but to the extent that they constitute fund application rules, are also the responsibility of the UCITS'Home State regulator. As such, these responsibilities may overlap between the competent authorities of the Home and Host States. EEA UCITS management companies providing collective
COLL 6.12.3RRP
(1) 3(a) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must use a risk management process enabling it to monitor and measure at any time the risk of the scheme's positions and their contribution to the overall risk profile of the scheme.3(b) In particular, an authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must not solely or mechanistically rely on credit ratings issued by
COLL 6.12.3ARRP
5An authorised fund manager or a UK UCITS management company of an EEA UCITS scheme subject to COLL 6.12.3R(2) must notify the FCA of the information specified in points (a) and (b) of that rule:(1) annually, within 30 business days of 31 October, with information that is accurate as of 31 October of that year;(2) using the form in COLL 6 Annex 2R; and(3) by submitting it:(a) online through the appropriate systems accessible from the FCA’s website; or(b) if the appropriate systems
COLL 6.12.3BGRP
(1) 5In addition, an authorised fund manager or a UK UCITS management company of an EEA UCITS scheme subject to COLL 6.12.3R(2) should submit a notification to the FCA if there has been a significant change to the fund’s risk profile since its last report, by sending the form in COLL 6 Annex 2R, completed as applicable, to fundsupervision@fca.org.uk.(2) A significant change to the fund’s risk profile could include, but is not limited to:(a) the first use of derivatives for investment
COLL 6.12.7RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must assess, monitor and periodically review:(a) the adequacy and effectiveness of the risk management policy and of the arrangements, processes and techniques referred to in COLL 6.12.5 R;(b) the level of compliance by the authorised fund manager or the UK UCITS management company with the risk management policy and with those arrangements, processes and techniques referred
COLL 6.12.8GRP
UK UCITS management companies are advised that when they applied for authorisation from the FCA under the Act, their ability to comply with the requirements in COLL 6.12.7 R would have been assessed by the FCA as an aspect of their fitness and properness in determining whether the threshold conditions set out in Schedule 6 (Threshold conditions) of the Act were met. Firms are further advised that their compliance with these requirements is subject to review by the FCA on an ongoing
SUP 13.3.2GRP
A UK firm17 cannot establish a branch in another EEA State for the first time under an EEA right unless the relevant13 conditions in paragraphs 19(2), (4) and (5)12 of Part III of Schedule 3 to the Act are satisfied. It is an offence for a UK firm which is not an authorised person to contravene this prohibition (paragraph 21 of Part III of Schedule 3 to the Act). These conditions are that:913121213(1) the UKfirm has given the appropriate UK regulator,20 in accordance with the
SUP 13.3.2AGRP
[deleted]194882020208
SUP 13.3.5GRP
(1) 8If the UK firm'sEEA right derives from the CRD12 or10MiFID8,10 the appropriate UK regulator20 will give the Host State regulator a consent notice within three months unless it has reason to doubt the adequacy of a UK firm's resources or its administrative structure.8 The Host State regulator then has a further two months to notify the applicable provisions (if any) and prepare for the supervision, as appropriate, of the UK firm, or in the case of a MiFID investment firm,
SUP 13.3.5AGRP
20Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give a consent notice, except where paragraph 19(7A) of Part III of Schedule 3 to the Act applies. Where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.3.6GRP
(1) Save where (1A) applies, if19 the appropriate UK regulator20 gives a consent notice, it will inform the UK firm in writing that it has done so.20(1A) If the UK firm’sEEA right derives from the IDD, where the appropriate UK regulator has given a consent notice and the Host State regulator has acknowledged receipt of that notice, the appropriate UK regulator must give written notice to the UK firm concerned that the Host State regulator has received the consent notice.19(2)
SUP 13.3.9GRP
(1) (a) 18A UK MiFID investment firm wishing to use a tied agent established in another EEA State is required to complete the form in Annex VII of MiFID ITS 4A and send it to the FCA.[Note: article 14(1) of MiFID ITS 4A](b) A UK MiFID investment firm which intends to establish a branch in another EEA State is required to complete the form in Annex VI of MiFID ITS 4A and send it to the FCA. [Note: article 13(1) of MiFID ITS 4A](c) A UK MiFID investment firm that intends to establish
SUP 13.4.2GRP
A UK firm17 or an AIFM exercising an EEA right to market an AIF under AIFMD13,9 cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from17AIFMD, MiFID or the UCITS Directive,13paragraph 20(4B) of Part III of Schedule 3 to the Act. If a UK firm derives its EEA right from the MCD, it cannot start providing cross border services
SUP 13.4.2FGRP
14A UKfirm that is an AIFM may exercise an EEA right to market a UK AIF or EEA AIF managed by it under AIFMD when the following conditions are satisfied:(1) the UKfirm has given the FCA a notice of intentionSUP 13.5.2 R; and(2) the FCA has sent a copy of the notice of intention to the Host State regulator where the AIF will be marketed and has given the UKfirm written notice that it has done so.
SUP 13.4.4GRP
8(2) [deleted]17(2A) If the UK firm’sEEA right derives from the IDD, paragraph 20(3B)(a) of Part III of Schedule 3 to the Act requires the appropriate UK regulator to send a copy of the notice of intention to the Host State regulator within one month of receipt.198(2B) Where a consent notice is given under the UCITS Directive, the FCA20 will at the same time:1020(a) communicate to the Host State regulator details of the compensation scheme intended to protect investors; and10(b)
SUP 13.4.4-AGRP
(1) 14If the UKfirm'sEEA right derives from AIFMD (other than the EEA right to market an AIF (referred to in (3)) and the condition in (2) is met, paragraph 20(3D) of Part III of Schedule 3 to the Act requires the FCA to:(a) send a copy of the notice of intention to the Host State regulator within one month of receipt; (b) include confirmation that the UKfirm has been authorised by the FCA under AIFMD; and(c) immediately inform the UKfirm that the notice of intention and confirmation
SUP 13.4.4AGRP
20Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give a consent notice and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.4.8GRP
(1) 18A UK MiFID investment firm is required to submit an investment services and activities passport notification to the FCA by completing the form in Annex I of MiFID ITS 4A. The firm should complete a separate form for each EEA State it wishes to provide services into.[Note: article 4(1) of MiFID ITS 4A](2) A UK MiFID investment firm wishing to provide investment services or activities through a tied agent established in the UK is required to send an investment services and
REC 3.26.1GRP
1Under section 300B(1) of the Act (Duty to notify proposal to make regulatory provision), a UK RIE3 that proposes to make any regulatory provision must give written notice of the proposal to the FCA4without delay.344
REC 3.26.3GRP
1Under section 300B(3) of the Act, the FCA4may also by rules under section 293: 4(1) 1make provision as to the form and contents of the notice required, and(2) 1require the UK recognised body to provide such information relating to the proposal as may be specified in the rules or as the FCA4may reasonably require.4
REC 3.26.6GRP
1In determining whether a UK RIE3has provided sufficient supporting information, the FCA4may have regard to the extent to which the information includes:44(1) 1clearly expressed reasons for the proposed regulatory provision; and(2) 1an appropriately detailed assessment of the likely costs and benefits of the proposed regulatory provision.
REC 3.26.7RRP
1A UK RIE3must provide such additional information in connection with a notice under section 300B(1) of the Act as the FCA4may reasonably require.344
REC 3.26.8GRP
1Where a UK RIE3wishes to give notice to the FCA4for the purposes of section 300B(1) of the Act, it should in the first instance inform its usual supervisory contact at the FCA.43444
REC 3.26.9GRP
1The FCA4expects that an advanced draft of any consultation document a UK RIE3intends to publish in connection with a proposed regulatory provision could provide some or all of the information described in REC 3.26.5 R.3434
REC 3.15.1GRP
(1) The purpose of REC 3.15.2 R to REC 3.15.5 G is to enable the FCA3 to obtain information where a UK recognised body decides to suspend the provision of its services in relation to particular investments or (for an RAP) decides to cancel an auction.2 Planned changes to the provision of services should be notified to the FCA3under REC 3.14.33(2) REC 3.15.6 R to REC 3.15.7 R provide for notification to the FCA3where a UK recognised body is unable to operate or provide its facilities
REC 3.15.2ARRP
1When a UK RIE suspends trading on a trading venue4 in any financial instrument, it must immediately give the FCA3notice of that event and relevant information including particulars of that financial instrument and the reasons for the action taken. [Note: articles 32(2) and 52(2), paragraph 14 of MiFID. REC 2.6.6UK(4)5 requires that the FCA be notified when a trading suspension for a financial instrument is lifted or a financial instrument is re-admitted to trading. MiFID ITS
REC 3.15.3RRP
Where a UK recognised body suspends providing clearing facilitation services generally in respect of any derivative (other than an option in relation to a security), type of security or type of option in relation to a security, it must immediately give the FCA notice of that event, particulars of that derivative, type of security or type of option in relation to a security, as the case may be, and the reasons for the action taken.33
REC 3.15.4RRP
Where a UK recognised body suspends any arrangements it makes for the safeguarding and administration of any type of asset belonging to any other person (other than an undertaking in the same group), that UK recognised body must immediately give the FCA3notice of that event, particulars of that type of asset and the reasons for the action taken.3
REC 3.15.6RRP
Where, because of the occurrence of any event or circumstances, a UK recognised body is unable to operate any of its facilities within its normal hours of operation, it must immediately give the FCA3notice of that inability and inform the FCA:333(1) which facility it is unable to operate; (2) what event or circumstance has caused it to become unable to operate that facility within those hours; and(3) what action, if any, it is taking or proposes to take to enable it to recommence
REC 3.15.7RRP
Where, because of the occurrence of any event or circumstances, a UK recognised body extends its hours of operation, it must immediately give the FCA3notice of that event, and inform the FCA3:33(1) what event or circumstance has caused it to do so; (2) the new hours of operation; and(3) the date on which it expects to revert to its normal hours of operation.
REC 5.2.1GRP
An applicant for recognised body status needs to demonstrate to the FCA5 that it is able to meet the recognised body requirements31before a recognition order can be made. Once it has been recognised, a recognised body has to comply with the recognised body requirements31at all times. (Guidance on the recognised body requirements3 applicable to UK recognised bodies (and applicants) is given in REC 2 and REC 2A).35333
REC 5.2.1AGRP
In addition, under section 290A of the Act (Refusal of recognition on ground of excessive regulatory provision), the FCA5 must refuse to make a recognition order in relation to a body applying for recognition as a UK RIE if it appears to the FCA5 that an existing or proposed regulatory provision of the applicant in connection with the applicant's business as an investment exchange or the provision by the applicant of clearing facilitation services5 imposes, or will impose, an
REC 5.2.5GRP
A prospective applicant who is an authorised person may wish to consult the FCA5 about the extent to which information which it has already supplied in connection with its status as an authorised person can be used to support an application to become a UK recognised body. 5
REC 5.2.5AGRP
3A UK RIE applying for recognition as an RAP may wish to consult the FCA5 about the extent to which information which it has already supplied in connection with its status as a UK RIE can be used to support an application to be recognised as an RAP.5
REC 5.2.6AGRP
1In the case of an application to become a UK RIE or an RAP3, under subsection 290(1B) of the Act and (for an RAP applicant) regulation 2(8) of the RAP regulations3, the application must be determined by the FCA5 before the end of the period of six months beginning with the date on which it receives the completed application.5
REC 5.2.14GRP
Information and supporting documentation (see REC 5.2.4 G).(1)Details of the applicant's constitution, structure and ownership, including its memorandum and articles of association (or similar or analogous documents ) and any agreements between the applicant, its owners or other persons relating to its constitution or governance (if not contained in the information listed in REC 5.2.3A G)1. An applicant for RAP status must provide details of the relationship between the governance
SUP 16.12.3RRP
(1) Any firm permitted to 5carry5 on any of the activities within each of the RAGs set out in column (1) of the table in SUP 16.12.4 R must:(a) (i) unless (ii) or (iii) 11applies, submit to the FCA65 the duly completed data items or other items applicable to the firm as set out in the provision referred to in column (2) of that table;8181(ii) unless (iii) applies, where 11 a firm is required to submit completed data items for 11more than one RAG, that11firm must only submit the
SUP 16.12.4RRP
Table of applicable rules containing data items4, frequency and submission periods(1)(2)(3)(4)RAGnumberRegulated ActivitiesProvisions containing:applicabledata itemsreporting frequency/ perioddue date323227121237RAG 1 • accepting deposits • meeting of repayment claims76 managing dormant account funds (including the investment of such funds)76RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76RAG 2.1• effecting contracts of insurance•
SUP 16.12.22ARRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description ofData itemFirms' prudential category and applicable data item (note 1)IFPRUBIPRU firmExempt CAD firmssubject toIPRU(INV)Chapter 13Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13Solvency statementNo standard format (note 11)Balance SheetFSA001/FINREP (Notes
SUP 16.12.32RRP
(1) A firm that is a member of a financial conglomerate must submit financial reports to the FCA68 in accordance with the table in SUP 16.12.33 R if:8181(a) it is at the head of a UK-regulated EEA financial conglomerate81; or81(b) its Part 4A permission81 contains a relevant requirement.81(2) In (1)(b), a relevant requirement is one which:(a) applies SUP 16.12.33 R to the firm; or(b) applies SUP 16.12.33 R to the firm unless the mixed financial holding company of the financial
EG 6.2.1RP
3For supervisory notices (as defined in section 395(13)) which have taken effect, decision notices and final notices, section 391 of the Act requires the FCA to publish, in such manner as it considers appropriate, such information about the matter to which the notice relates as it considers appropriate. Section 391 prevents the FCA from publishing warning notices, but the FCA may publish such information about the matter to which a warning notice falling within section 391(1ZB)
EG 6.2.6RP
3The FCA will take the following initial steps in considering whether it is appropriate to exercise this power: (1) It will consider whether it is appropriate to publish details of the warning notice in order to enable consumers, firms and market users to understand the nature of the FCA’s concerns. The FCA will consider the circumstances of each case but expects normally to consider it appropriate to publish these details. (2) Where the FCA considers it is appropriate to publish
EG 6.2.15RP
3However, as required by the Act (see paragraph 6.2.1 above), the FCA will not publish information if publication of it would, in its opinion, be unfair to the person in respect of whom the action is taken or prejudicial to the interests of consumers, or detrimental to the stability of the UK financial system. It may make that decision where, for example, publication could damage market confidence or undermine market integrity in a way that could be damaging to the interests of
EG 6.2.21RP
3It is important that the FCA maintains an accurate public record. One of the ways the FCA does this is by publishing1 the reasons for variations of Part 4A permission, the imposition of requirements and variations of the approval of SMF managers1. The FCA will always aim to balance1 the interests of consumers and the possibility of unfairness to the person subject to the FCA's action. The FCA will publish relevant details of1 fundamental and non-fundamental variations of Part